Reuters logo
GRAINS-Soybeans edge down from 10-week high
October 16, 2017 / 1:00 AM / a month ago

GRAINS-Soybeans edge down from 10-week high

    SYDNEY, Oct 16 (Reuters) - U.S. soybeans fell on Monday,
after hitting a 10-week high in the previous session, with
demand for U.S. exports providing a floor to losses.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.2 percent to $9.98-1/4 a bushel by 0020
GMT, having firmed 0.8 percent on Friday when prices hit a high
of $10.03-1/4 a bushel - the highest since July 31.
    * The most active corn futures were up 0.1 percent to
$3.53 a bushel, having gained 1 percent in the previous session.
    * The most active wheat futures were up 0.3 percent to
$4.40-3/4 a bushel, having closed up 2 percent on Friday. 
    * The U.S. Department of Agriculture lowered its U.S.
soybean yield estimate to 49.5 bushels per acre (bpa), from 49.9
in September, bucking analyst expectations for an increase.

    * The USDA also cut its forecast of the amount of soybeans
left at the end of the 2017/18 marketing year - the "carry-out"
- to 430 million bushels, from 475 million a month ago.
    * The USDA on Friday reported export sales of U.S. soybeans
in the latest week at more than 1.7 million tonnes and corn
sales at about 1.6 million tonnes, topping a range of trade
expectations.
         
    MARKET NEWS  
    * The dollar was little changed against a basket of
currencies on Friday, shaking off early weakness, after data
showed U.S. consumer prices rose less than expected in
September, pointing to muted inflation that could worry Federal
Reserve officials.  
    * Oil prices on Friday closed at their highest level in
October on bullish news from strong Chinese oil imports, U.S.
President Donald Trump's decision not to certify that Iran is
complying with a nuclear agreement and other tensions in the
Middle East.  

    DATA AHEAD (GMT)
0130  China             Consumer prices                 Sep
0130  China             Producer prices                 Sep
0900  Euro zone         Eurostat trade                  Aug
1230  U.S.              New York Fed manufacturing      Oct

 Grains prices at  0020 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   440.75     1.25    +0.28%       +2.38%  444.03    51
 CBOT corn    353.00     0.25    +0.07%       +1.15%  352.35    60
 CBOT soy     998.25    -2.00    -0.20%       +0.63%  969.07    74
 CBOT rice     12.19    $0.00    +0.04%       -0.49%  $12.36    61
 WTI crude     51.90    $0.45    +0.87%       +2.57%  $50.24    62
 Currencies                                                       
 Euro/dlr     $1.182  -$0.001    -0.05%       -0.11%              
 USD/AUD      0.7884    0.000    -0.05%       +0.83%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
        

 (Reporting by Colin Packham; Editing by Michael Perry)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below